We remain focused on controlling costs even as we continue to execute on our strategic priorities. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. So we have been using the model as a starting point. And then just on the RIA acquisition pipeline like how would you describe the size of it today? WebView Kurt MacAlpines professional profile on LinkedIn. So you will it is our intent to continue to show these two slides on an ongoing basis and you can really chart the journey that we're on. If we did do it, it would be in the U.S. marketplace. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. What differentiates you as you embark on this strategy? Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities internally. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. The next question will come from Scott Chan with Canaccord. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. The impact is a $58 million increase in our run rate wealth management EBITDA, which translates to $73 million annualized or 387% improvement from 2019. We are excited to welcome Jason to CI. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business. As President and Chief Operating Officer, Mr. Urbanky is responsible for the operational aspects and resources of CI Global Asset Management, CI Assante Wealth Management and other CI Financial companies. Welcome to Barrons Advisor! I'll turn the conference back over to our speakers. So Tom, we don't typically break out the margin. Okay. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. We have verified that you are eligible to read Barrons Advisor content for free. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. Thank you. So sorry, Tom a little bit long-winded, but we really do kind of sit in the middle of these two kind of more extreme models. I will share more details on the investment platform changes in a few moments. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. After submitting your request, you will receive an activation email to the requested email address. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. I think the biggest opportunity for us is really two-fold. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out Kurt has worked with some of the largest asset managers in the world and has a thorough understanding of the industry, best practices and new developments, David Miller, director and chairman of CIs governance, human resources and compensation committee, said in a statement. We don't break out the specific numbers. Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. And we're only $16.5 billion so far. And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. Thanks and good morning. Youre almost done. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To read this article, please provide the information below so we can confirm that you work in the industry. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million acquisitions? But what do you bring to the table that they don't? Hi. As a reminder, here is a quick review of our three strategic priorities which are modernizing asset management, expanding wealth management and globalizing our company. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. We had another strong quarter as markets and our AUM continued to rebound. So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. Thank you for the question. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I mean, if a considerable improvements on a year-over-year basis, right. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. I'd say, it's directionally in the right direction, Gary. So I had a high degree of confidence in them and they had a working familiarity with me. Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy, Chief Executive Officer and Director, CI Financial, Executive Vice-President and Chief Financial Officer, CI Financial, Executive Vice-President and Head of Investment Management, Executive Vice-President and Chief Legal Officer, CI Financial, Executive Vice-President and Chief Human Resources Officer. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. But what I would say is if I look at the building and the momentum of the pipeline that we've created over the past few months, I think it's truly remarkable. During the quarter, we spent $78 million to repurchase 4.3 million shares. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. Yes. That's great. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. So some of the deals that we are doing are part of an auction process we're participating. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. You're around there. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. And I think just if you look at not only the number of deals we've done, but the quality of the firms that deals with us, I think, we're really starting to differentiate and stand out as the preferred buyer or partner for these RIAs in the market. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. I would anticipate over time, when you think about the SG&A reductions that we've made overall, what we're trying to do is to rightsize the businesses that are -- have declined or are experiencing some declines and redeploying that SG&A to growth areas and growth initiatives of our business. 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